Refocused strategy underpins rerating potential

Restore (AIM: RST) is the UK’s leading provider of records management, digitisation and secure recycling services. The last twelve months have seen a management overhaul with the return of former CEO Charles Skinner, bringing a refreshed strategic focus to address a disappointing trading performance in 2023. Restore is a high-quality business operating in markets characterised by high barriers to entry, recurring revenues, attractive margins and sticky customer relationships. Under a proven

Early signs of improved performance

Restor(ing) momentum

Significant hidden value in core RM division

Reassuring; Focus shifts to 2024

CME - key takeaways

Reassuring update ahead of CMD

Records Management priced at 50% discount

New forecasts reflect profit reset

FLASH: Profit reset and board changes

Mispriced despite tech headwinds

Hybridan Small Cap Feast - 16 Mar 23

16 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Pricing power underpins expectations

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Trinity Delta Lighthouse: Avacta

Trinity Delta view: Avacta is transitioning into a developer of innovative highly targeted specialist oncology products. Lead asset, AVA6000, has successfully demonstrated the pre|CISION platform’s ability for tumour-specific delivery of potent and toxic actives with minimal systemic effects. Broader data indicating that lower FAP activity is still sufficient for active drug release, extends the applicability of the pre|CISION platform to other FAP-expressing tumour types (FAPmid), using novel w

Morning Note – 30 September 2024

City of London Investment Group (CLIG): Good fund performance and solid results

City of London has announced its full-year results for 2024. As stated in the trading statement, FUM was $10.24bn, a 9% increase over the year. While market performance offset net outflows, there was a significant improvement in the latter in the second half, which bodes well going forward. Underlying profit before tax of $27.2m was a 0.5% increase over 2023’s $27.0m. A higher effective tax rate meant that underlying EPS declined 3% from 43.4¢ to 42.2¢. As previously announced, the final dividen

Morning Note – 6 August 2024

Braemar - Diversification underpins resilience

Braemar’s FY24 results were in line with expectations with revenues flat, but operating profits down, having been hit by one-off costs and strong comparatives. The underlying operations continue to expand and diversify, which drove an 8% increase in FY24 fixtures, and the company remains well-positioned to drive its future growth strategy. The trading outlook for FY25 is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained o

Tickled pink with record Q1

Balancing act

Over the past three years, trusts with blended approaches rather than a strong tilt to growth or value have been at or near the top of the pack across the developed equities sectors, benefitting from their flexibility in a period of extreme style gyrations.

Frontier IP Group plc: Initiation of Coverage

Frontier IP Group plc: 1H23 Interim Results

Frontier IP Group (FIPP) recently reported Interim results to December 31st 2022 (1H23). FIPP earns equity stakes in early-stage, IP-rich, technology companies by providing technical expertise, access to external funding, and commercialisation services. In 1H22, the Group produced a pre-tax profit of £10.3m, after operating costs, supported by an unrealised profit on investments of £11.9m as Exscientia (NASDAQ EXAI) underwent IPO. In 1H23, in the absence of such an event, FIPP produced a pre-tax

Macfarlane Group+ (MACF, House Stock at 120p) - Resilient HY, modest forecast reduction

Hargreaves Services - Initiation of coverage

Hargreaves Services has outperformed the AIM market and wider market over the past 1 year, 3 years and 5 years. In our view, this reflects a maturing profile of the business and an increased emphasis on crystalising value within the portfolio. We believe that the company’s specialised services offering and land development activities are well positioned to continue to perform over the next five years. In this initiation report, we provide a detailed overview of the operations and financial metri

Morning Note – 25 July 2024

Hargreaves Services - Good FY24 results, positive outlook

Hargreaves Services has reported results 1% above our forecast at the revenue level, and 3% higher than forecast at the adjusted PBT level reflecting a strong contribution from the Land division. The outlook statement is positive, emphasising the strong contract book within the Services division as well as confidence in the continued recovery trajectory of the Hargreaves Raw Materials Services (HRMS) Joint Venture in Germany, which showed a solid improvement in H2/24. The company ended the year

Morning Note – 14 August 2024